Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

May 13, 2024
To whom it may concern:
Company name:
Furukawa Co., Ltd.
Name of representative: Minoru Nakatogawa,President and Representative Director(Securities code: 5715; TSE Prime Market)
Inquiries:
Koichiro Konno,
Director & Senior Executive Officer andGeneral Manager, Corporate Planning
Department(Telephone: +81-3-6636-9501)

Notice Concerning Change of Target for Reducing Strategic Shareholdings and Payment of Dividends
from Retained Earnings (Dividend Increase)
Furukawa Co., Ltd. (the Company) hereby announces that its Board of Directors, at a meeting held today (May13, 2024), resolved to achieve its target for reducing strategic shareholdings*1 by March 31, 2025, one year
ahead of schedule; pay a dividend from retained earnings of ¥55.00 per share (¥5.00 increase year on year) witha record date of March 31, 2024; and increase its annual dividend forecast for fiscal 2024, ending March 31,2025, to ¥60.00 per share (¥30.00 interim dividend and ¥30.00 year-end dividend).
Under its Medium-Term Business Plan 2025 (announced in May 2023), the Furukawa Company Groupis expanding and strengthening its efforts to realize management that is conscious of cost of capital and stock
price. As part of this, we established our policies on reducing strategic shareholdings. Under the policy, weclosely examine each individual holding to determine its purpose and whether the benefits and risks associatedwith holding it are commensurate with the cost of capital. At the same time, we are working to reduce theamount of holdings by making comprehensive and careful examinations, including qualitative and quantitative
judgments, and selling shares deemed no longer necessary. On February 9, 2024, we announced our target toreduce the ratio of strategic shareholdings to consolidated net assets to less than 20% by March 31, 2026. Inreaching this target by March 31, 2025 (one year ahead of schedule), we will improve capital efficiency andaccelerate further reductions, thus fulfilling our goal, which is to achieve sustainable growth and enhance
corporate value over the medium-to long-term.
In addition, we will use proceeds from the sale of strategic shareholdings to fund further share buybacks
and other shareholder returns, make environmental investments, pursue M&As, and so forth.
1. Change of reduction target
Ratio of strategic shareholdings to consolidated net assets
Before: Reduce to less than 20% by March 31, 2026
After: Reduce to less than 20% by March 31, 2025

2. Strategic shareholdings reduction timeline

49.0%

2017/3

51.8%
43.6%

2018/3

2019/336.0%

39.4% 38.0%

35.1%

2020/32021/32023/32022/3

40.8%Less than20%

2024/32025/3Mediumto longterm goal

We expected the ratio of strategic shareholdings to consolidated net assets to decline from 35.1% on March 31,2023, to around 32% by March 31, 2024. Due to rising prices of listed shares, however, the ratio rose to 40.8%
on March 31, 2024. In fiscal 2024, we plan to sell strategic shareholdings worth approximately ¥15 billion,
which will bring the ratio down to less than 20% (our reduction target) by March 31, 2025. We will also strive tomake further reductions over the medium-to long-term.
3. Utilization of funds generated by reductions
We plan to utilize funds generated by the sale of strategic shareholdings to increase our target for sharebuybacks (over three years) from around ¥3 billion to around ¥5 billion, which we set as the shareholder return
policies in Medium-Term Business Plan 2025(We are targeting share buybacks of around ¥1.5–2 billion eachfiscal year.). Furthermore, we plan to utilize the funds for M&As, as well as for investments in carbon neutrality
and environmental protection. We will formulate and announce our roadmap toward carbon neutrality by March31, 2025.
4. Future outlook
The aforementioned gain on the sale of strategic shareholdings will be recorded as extraordinary income infiscal 2024. It is also incorporated into the consolidated financial results forecast for fiscal 2024 as described in“Consolidated Financial Results for Year Ended March 31, 2024,” released today (May 13, 2024).
5. Detail and reason for Dividends from retained earnings (dividend increase)
Amount decided
Most recent dividend(FY2023)
forecast(May 12, 2023)
Date of recordDividend per share
Total dividends
Effective date
Dividend source

March 31, 2024
¥55.00¥2,045 million
June 28, 2024
Retained earnings

March 31, 2024
¥50.00———Previous fiscal yearresults（FY2022）
March 31, 2023
¥50.00¥1,905 million
June 30, 2023
Retained earnings

Our dividend policy under Medium-Term Business Plan 2025 is to prioritize investments to achieve sustainablegrowth and enhance corporate value over the medium-to long-term. Based on this, we will consider dividend
increases and payment of interim dividends. In principle, we aim to pay annual dividends of ¥50.00 or higher
per share and target a consolidated total return on capital of 3% or higher.
After comprehensive consideration of the aforementioned policy and its recent business performances,
the Company decided to pay a dividend of ¥55.00 per share for fiscal 2023, which represents an increase of¥5.00 from our most recent dividend forecast of ¥50.00 per share. This matter will be submitted to the 157th
Ordinary General Meeting of Shareholders to be held on June 27, 2024.

6. Dividend forecast for fiscal 2024 (dividend increase)
For fiscal 2024, the Company plans to pay an interim dividend and increase its forecast for annual dividends to¥60.00 per share (¥30.00 interim dividend and ¥30.00 year-end dividend). Actual dividends may differ from thisforecast due to various factors in the future.

FY2022 results
FY2023 results
FY2024 forecast

1Q-end———2Q-end¥0.00¥0.00¥30.00

Annual dividends per share
3Q-endYear-end—¥50.00—¥55.00—¥30.00Total¥50.00¥55.00¥60.00*1 Strategic shareholdings
Total amount of investment shares (in the Consolidated Balance Sheets) held for purposes other than pureinvestment (includes unlisted shares, but excludes shares in nonconsolidated subsidiaries and affiliates) + Shares
deemed to be held for such purposes*2 Funds and gains from the sale of strategic shareholdings scheduled for fiscal 2024 are estimates based on theprices of such holdings as of March 31, 2024, and include uncertainties stemming from future stock price trends
and so forth.